Customer Engagement Analytics: How to Gain Insights & Increase Engagement Score

    Customer Engagement Analytics: How to Gain Insights & Increase Engagement Score

    Analytics of customer engagement removes the uncertainty in data-driven marketing. Data plays a key role in providing evidence of customer engagements using information based on segments. Gaining insights into customer engagement and increasing the engagement score are primary goals of businesses.

    Businesses are moving ahead with a large bandwidth of customer data, as there’s no dearth of tactics available in the digital marketing landscape. Based on customer information, brands are utilizing the power of data-driven marketing strategies and gaining accurate customer data, and then enriching them with unmatched experiences.

    As customer engagement rises through the above factors, brands enhance communication. However, how qualified the engagements are—is the real concern CMOs should pay attention to.

    CMOs must evaluate the health of consumer interactions, the direction of their preferences, and forecasting to boost engagement scores. They can hone in on these precise needs and attributes by gaining insights into customer engagement analytics.

    Customer engagement analytics are the way of the future for increasingly data-driven engagement and a booster dose for more forecasted engagements. Here are the ways CMOs can deep dive into the analytics of customer engagements and apply it to enrich the brand image.

    Also Read: Top 3 Strategies to Improve Customer Retention and Reduce Churn Rate

    Key Metrics for Measuring Customer Engagement

    Impact of Product or Service

    The impact of products or services in SaaS covers customers’ tendency to stick and return to them. The value gained from it decides the ability of a brand to provide customers with the right solutions. Measuring the metric assists CMOs in identifying scopes of account expansion opportunities, increasing Customer Lifetime Value (CLV).

    Apart from this, the daily active users (DAU) to monthly active users (MAU) ratio measurement is also one of the best methods to measure the impact of products or services. To go ahead with this, CMOs should calculate both aspects from a given period and find the numbers playing around DAU and MAU.

    Customer Lifetime Value (CLV)

    If the objective is to make more data-driven marketing relevant, CMOs must begin by defining CLV, which estimates the net profit a customer brings upon using or querying about a product.

    Based on factors such as the average revenue of the account(s), existing customer reach rate, and total engagements, CMOs can easily calculate the CLV. Data analyzed by this method will provide in-depth insight into the current customer engagements, and investing more into marketing strategies for SaaS businesses can help increase engagement rates at scale.

    Customer Engagement Score

    Brands can increase the customer engagement ratio through the Customer Engagement Score (CES) using information such as previous purchases, paid versions of engagement, accessible trial prospects, content engagement, and browsing history. This metric attempts to quantify customer engagement and is reflected through a score based on several event values. All of these lists of information enable brands to remind their audience to reach through the right channels and at the right times to stimulate action.

    To calculate the CES, the following key factors will function to gaining insights for customer engagement:

    • Frequency of product usage
    • Key Features of customers
    • Customer upgrades and renewals

    These factors are essential for brands to evaluate customer engagement ratio and make the consumer feel highly engaged by the brand’s personalized services and product marketing.

    Also Read: Ada’s AI-powered customer service automation platform now available on AWS Marketplace

    Once these aspects are well-defined, CMOs can find, plan, and utilize data-driven marketing strategies to entice customers and measure their successful engagements.

    After the key metrics are covered and help to dive into the customer engagement insights, CMOs should concentrate on leveraging data and improving customer engagement. Here are four strategic points that demonstrate opportunities to improve customer engagement.

    • Segment customers based on engagement and lead personalized marketing efforts with direct reach
    • Implement a loyalty program to engage loyal customers
    • Identify lapsed customers and re-engage them through targeted strategies

    Engaging customers through personalized interaction is the key to successful marketing.

    Data-driven marketing helps accomplish the engagements resulting from targeted marketing strategies. Therefore, to increase customer engagement, CMOs must conduct timely and pertinent marketing. The data-driven marketing will become assertive with ground-breaking advancements using automation. Brands now should play wisely to plan and implement data-driven marketing strategies to stay ahead of the curve.

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